L.L.Bean reported that its net sales reached $1.44 billion for the 2010 fiscal year ended Feb. 27, up 5.7% over 2009. The company said its board of directors approved a cash award of 5% of annual pay to approximately 5,000 eligible employees in recognition of the performance.

“L.L.Bean has performed very well in a challenging retail environment, ending the year with a 5.7% increase in net sales over the prior year,” said Chris McCormick, L.L.Bean's President and CEO. “The initiatives we put in place and the significant investments we made in our business have paid off, even in the midst of a slow economic recovery.”

Leon Gorman, L.L.Bean's chairman of the board said the bonus was well deserved. “On behalf of the Board of Directors I congratulate L.L.Bean employees on their outstanding performance this year. We have a great team in place and are pleased to be in the position of rewarding Bean employees for their achievements.”

Chris McCormick added further, “We had a challenging spring season, but a very strong Peak holiday season, giving us great momentum heading into January and February which remained strong,” he said. “Our employees really pulled together to manage the high volume, while delivering excellent customer service.”

2010 L.L.Bean Year in Review

  • One new store in Victor, New York, built to U.S. Green Building Council's LEED standards
  • Launch of the Signature sub-brand, a new sportswear collection for men and women
  • One new store in Japan, bringing the total to 19
  • 33 new stores in China, bringing the total to 62.
  • The National Retail Federation / American Express annual Customer Service Survey rated L.L.Bean number 3 overall, and the top-rated multi-channel retailer in customer service
  • L.L.Bean's website sales grew 29% over 2010, setting records for online orders, becoming the most dominant sales channel, and earning multiple industry awards
  • Sporting equipment sales were at their highest level ever. Boating, Camping and Cycling all saw their greatest growth in 2010
  • Demand for the iconic Bean Boots, manufactured in Maine, soared up 57% over last year
  • Number of customers purchasing from L.L.Bean saw one of the biggest increases in company history
  • Donated $1.7 million in corporate contributions to charitable programs in 2010, including $500,000 to the Maine Community College system
  • Record-breaking United Way campaign raised $1,454,000 in corporate and employee donations for the 5 Maine United Way offices

2011 and beyond

“We are committed to investing in the business and growing the brand as we see continued strengthening of the economy,” said Chris McCormick. “We will have future announcements of new store openings, and significant new marketing initiatives. We're looking forward to another successful year leading into 2012, which marks the 100th anniversary of the founding of our company in 1912 in Freeport, Maine.”

Founded in 1912 by Leon Leonwood Bean, L.L.Bean Inc. is a privately held company based in Freeport. L.L.Bean does not publicly disclose financials.